India’s Gold Import in 2021-22

In FY 2021-22, the gold imports of India have risen by 33.34 per cent to USD 46.14 billion due to higher demand. In 2020-21, the gold imports were worth USD 34.62 billion.

Overview:

• The gold imports surge during the last financial year has contributed to the country’s growing trade deficit to USD 192.41 billion.
• In 2020-21, the trade deficit stood at USD 102.62 billion.
• According to the data provided by the Reserve Bank of India (RBI), in the October to December quarter, India’s current account deficit widened by 2.7 per cent of the GDP or by USD 23 billion.
• The value of goods and services exported and imported, as well as international capital transfers are recorded by the current accounts.

Gold imported by India

The world’s second-biggest gold consumer is India while the biggest is China. The gold imports are largely due to the demands in the jewellery industry.

Gold imports from April 2021 to February 2022

From April 2021 to February 2022 the gold imports of the country in terms of volume stood at 842.28 tonnes.

Jewellery and gems exported by India

In 2021-22, the country’s jewellery and gems exports grew by nearly 50 per cent to around USD 39 billion.

Countries from which Gold is imported in India?

The country imports Gold mostly from Switzerland, United Arab Emirates, South Africa, Peru, and Ghana.

Month: Current Affairs - April, 2022

Category: Economy & Banking Current Affairs